Store half of seed on the device, and other half on the paper and the other half is your password you manually type in.

or store nothing on the device, store half the seed on paper(QRcode or microsd card) and the other half in your brain that you manually type in upon wanting to load.(This is obviously not the one size fits all solution as everyone has different security preferences but since we are down this road)

Cool initiative!Some comments on the comments:I have spoken with people at f-secure that say phones viruses, worms and exploits are plentiful. For smartphones, doubly so. Much easier to compromise a wallet on a phone.And why worry about the keys on this device if it is physically stolen? Will you even carry more btc on it than the device itself costs? And if you have the wallet backed up you have a chance to empty it before the thieves do.

Question: How would the process be, of me transferring btc to a friend or stranger who also carry such a device?This is something a bitcoincard wouldn't be able to do, but which is necessary to emulate cash.

I want to go on record in stating that I don't dislike the name because of the way it sounds or looks (in fact, I'm intrigued by the word), but I am against naming the product such from a marketing standpoint. Unless the domain ellet.com is own by the team, of which I seriously doubt,